Total commercial and multifamily mortgage borrowing and lending could fall to $733 billion this year, down 18 percent from 2021 totals, according to an updated baseline forecast from the Mortgage Bankers Association.
Category: News and Trends
MBA Weekly Survey July 20, 2022: Mortgage Applications Decrease
Mortgage applications decreased 6.3 percent from one week earlier, reported the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 15, 2022.
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“Those who can weather this storm of rising costs are having an otherwise less stressful buying experience compared to the pandemic-fueled rush on real estate in 2021. They have more options to tour, more time to find the right house, and are less likely to face a bidding war.”
–Jeff Tucker, Senior Economist with Zillow, Seattle.
MBA: Share of Mortgage Loans in Forbearance Decreases Slightly in June
The Mortgage Bankers Association’s monthly Loan Monitoring Survey revealed the total number of loans now in forbearance decreased by 4 basis points from 0.85% of servicers’ portfolio volume in May to 0.81% on June 30.
House Prices Begin to Fall from Record Highs
Redfin, Seattle, said the median sale price for U.S. homes came down 0.7% from its record-breaking June peak during the four weeks ending July 10.
FHFA Launches Office of Financial Technology
The Federal Housing Finance Agency, Washington, D.C., established the Office of Financial Technology to serve as a centralized source of information to support the agency in addressing emerging risks and advancing agency priorities related to fintech.
Jim Rosen of Mortgage Cadence: How the Right Services Strategy Promotes Loan Origination Efficiency
Jim Rosen is Executive Vice-President of Services at Mortgage Cadence and has more than 20 years of experience in the mortgage software and services industry. He has been with Mortgage Cadence for nearly eight years and was instrumental in launch of the company’s new MCP loan origination platform.
Jeff Flory, CMB, AMP, of Baker Tilly: CFPB Increases Scrutiny of Mortgage Servicers as Pandemic Emergency Eases
It is not surprising that the CFPB has increased its scrutiny of mortgage servicers, particularly as the industry moves from a COVID-19 pandemic-induced emergency state to a more normalized servicing environment.
June Purchase Mortgage Applications for New Homes Decreased 12%
Mortgage applications for new home purchases decreased 12 percent compared to a year ago, the Mortgage Bankers Association’s Builder Application Survey reported.
Chayan Jagsukh of Tavant: Borrower Data Privacy: The Unsung Differentiator
With the vast amount of information required to approve a mortgage/home loan, it’s the responsibility of the lenders to ensure that the privacy of the information collected from the borrower is maintained.